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File: ENG NR PP Oct7.2016.doc

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NEWS RELEASE

EnerGulf Announces $4,000,000 Private Placement

Vancouver, B.C., October 7, 2016 - EnerGulf Resources Inc. (TSX-V: ENG, FSE: EKS) ("EnerGulf" or the "Company") is ple
--->ased to announce a planned non-brokered private placement (the "Offering") of up to 80,000,000 units (each a "Unit") o
--->f the Company at the price of $0.05 per Unit to raise gross proceeds of up to $4,000,000.  Each Unit will consist of o
--->ne common share of the Company (a "Share") and one common share purchase warrant (a "Warrant").  Each Warrant will be 
--->exercisable to purchase one additional Share at the price of $0.10 for a period of 18 months after closing.  
 
Proceeds from the Offering will be used to fund the Company's planned field operations, including its proposed partici
--->pation in two shallow oil prospects in the Gulf of Mexico announced on June 9, 2016, to pay debts and for general work
--->ing capital.  The Company is in discussions with Texas South regarding possible amendments to the terms of its partici
--->pation in the Gulf of Mexico project.

The Company proposes to pay finder's fees in cash and warrants in respect of the proposed financing in accordance with
---> the policies of the Exchange.  All shares issued pursuant to the Offering, and any shares issued pursuant to the exer
--->cise of warrants or any finders' warrants which may be issued will be subject to a four-month hold period from the clo
--->sing date.  The Offering and the Gulf of Mexico project are both subject to acceptance by the TSX Venture Exchange.  


On Behalf of the Board of EnerGulf

"Ernest B. Miller IV"
     
Ernest B. Miller IV
CEO and Director
 
 
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the 
--->TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 For additional information, please contact:

EnerGulf Resources Inc.
Jonathan Buick
The Buick Group
416-915-0915
jbuick@buickgroup.com
 
 

The securities referred to in this news release have not been, nor will they be, registered under the United States Se
--->curities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or
---> benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.
---> This news release does not constitute an offer of securities for sale, nor a solicitation for offers to buy any secur
--->ities. Any public offering of securities in the United States must be made by means of a prospectus containing detaile
--->d information about the company and management, as well as financial statements.

This release may include certain forward-looking information and statements, as defined by law including without limit
--->ation Canadian securities laws and the "safe harbor" provisions of the US Private Securities Litigation Reform Act of 
--->1995 ("forward-looking statements"). In particular, and without limitation this news release contains forward-looking 
--->statements respecting the Company's intended use of proceeds raised from the private placement; the future prospects f
--->or the Company; management's beliefs, assumptions and expectations; and general business and economic conditions. Forw
--->ard-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitati
--->on assumptions about the following: the Company's business objectives; changes in the business or prospects of the Com
--->pany; unforeseen circumstances; general business and economic conditions; and ongoing relations with employees, consul
--->tants, partners and joint venturers. The foregoing list is not exhaustive and we undertake no obligation to update any
---> of the foregoing except as required by law.